The three main state-owned oil refining and marketing companies have so far lost $2.25 bn (Rs 17,000 cr) due to the freeze on petrol and diesel price imposed by the government ahead of state elections in Uttar Pradesh, Punjab and Goa, according to a report by Moody’s. The rating agency pointed out that Indians are […]
Tata Power, one of the country’s largest power generation and distribution companies, said it has signed an agreement to set up electric vehicle charging points at the petrol pumps operated by Hindustan Petroleum Corporation Ltd or HPCL. The two companies, however, did not disclose the estimated number of such charging stations that will be put […]
ONGC Ltd will redraw its long-term roadmap in coming days to bring it in line with the changed operating realities of the company, the state-owned company’s chairman and managing director Shashi Shanker said. The company’s current vision document, known as Perspective Plan 2030, was drawn up seven years ago and laid out the company’s long […]
Larsen & Toubro, India’s largest construction firm, said it has won what it called a “significant” order from HPCL- Mittal Energy to construct seven cracker furnaces at the Bathinda Refinery in Punjab. The seven furnaces are of “1200 KTPA Dual Feed Cracker Unit” and is a part of the Guru Gobind Singh Polymer Addition Project. […]
State-owned oil marketing companies, Indian Oil, Hindustan Petroleum and Bharat Petroleum, are open to buying the land on which their retail outlets are located to offset rising real estate prices, oil minister Dharmendra Pradhan said. Pradhan was responding to a concern about how rising real estate prices in cities and towns are leading to landlords […]
Bharat Heavy Electricals Ltd, the largest Indian heavy equipment maker, said it won a Rs 1,034 cr order to set up a gas-based captive power plant at Hindustan Petroleum Corporation’s Visakh Refinery. The order, given on a turnkey basis, is part of the expansion project at the refinery at Andhra Pradesh. BHEL’s scope of work […]
L&T said its Hydrocarbon Engineering unit secured a major construction contract for Crude Distillation and Vacuum Distillation Unit (CDU & VDU) from Hindustan Petroleum Corporation Limited, Visakhapatnam Refinery. It also won an extension to an ongoing contract for Reliance Industries Jamnagar. The combined value of the two contracts is about ₹2,100 Crores, the construction company […]
Construction major Larsen & Toubro said its hydrocarbon subsidiary won an order worth over Rs 1,600 cr from Hindustan Petroleum Corporation Ltd for its Visakhapatnam Refinery. The project involves Engineering, Procurement, Construction and Commissioning of 3 million tonne per year Full Conversion Hydrocracker Project. The order was awarded L&T Hydrocarbon Engineering Limited, a wholly owned […]
Private players such as Reliance Industries and Essar — owned by Russia’s Rosneft — have tripled the number of petrol and diesel outlets in India in the last two years, and could double their market share by implementing their ongoing expansion plans, India Ratings said. From practically nothing in 2014, private players including Shell and […]
Hindustan Petroleum Corp Ltd said it had appointed banking intermediaries for organizing investor meetings in the run up to raising Rs 6,000 cr ($930 mln) by selling foreign-currency denominated bonds. The bonds will be non-convertible, and will be issued if the meetings discover favorable market conditions and demand, the state-owned oil marketing company said. Shareholders […]
Reliance Industries, which started giving a discount of Re 1 on every liter of diesel sold through its pumps in January, has now started advertising the offer in Kerala. The discount was first noticed in January in North and West Indian towns. The move was, at the time, not taken very seriously by players such as […]
A proposed merger of Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp will reduce inefficiencies across the sector and result in enormous savings, ratings agency Fitch said. It would also create an entity that is better placed to compete globally for resources, and less vulnerable to shifts in oil prices and give it […]
ICICI Bank said it has tied up with Hindustan Petroleum Corporation Ltd and Aditya Birla Fashion and Retail Limited to offer UPI based payments their retail outlets. The bank also said it has become the first in India to have 1 lakh registered virtual payment addresses under the platform. UPI, or unified payment interface, is […]
The National Consumer Disputes Redressal Commission has dismissed an appeal by Hindustan Petroleum Corporation Ltd (HPCL) against an order by a lower body that imposed heavy damages on the company after faulty fixation of gas-tube led to an explosion at the premises of a customer. HPCL and its gas agency were told to pay Rs […]
